I'll admit I've been avoiding this topic slightly. Niche markets aren't something I've involved myself with often. So much so that I typed "Nice markets" four times before I finally got it right.

Niche markets were something I experimented with a lot when I started gold making. Items that there was a small/moderate demand for but little supply thus less competition. Over time I've gradually let all of them fall off of my list of things to do. I got too comfortable just focusing on my professions and consumables.

My favorite niche market was always Scarlet Ruby and Sky Sapphire cuts. These are blue quality Wrath of the Lich King gems which you were are able to put into Burning Crusade item gem slots. The demand for these has decreased a little since the introduction of Heirlooms. Cloth wearers for example were able to obtain a blue quality robe at lvl 61 as well as trousers at lvl 60. Both of these had three gem slots each in them. All armor classes had equivalent gear throughout the BC instances.

Knowing that they'd replace these items most people weren't willing to fork out the 120g for the epic quality Wrath gems but spending 70g on a gem seemed to go down well. I was and often still am able to pick up Scarlet Ruby's for under 30g. I cut the Brilliant (16 Int) and Delicate (16 Agility) and sell them for between 50g-80g each. I never had much luck with the Bold so I don't cut those. I buy Sky Sapphire for under 10g and sell Solid (24 Stam) for 45g.

On my medium pop server it's rare that I come across competition for these gems. Keep in mind while demand for these gems has dwindled slightly due to heirlooms, not every has heirlooms.

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I'm Soco. I've played World of Warcraft since early in Vanilla. I love grinding reputation, achievements, transmogrification gear, pets and mounts.
You can follow me on Twitter at https://twitter.com/SocoWow
Huge thank you to @Samaramon for my blog header. You can find more of her work at http://samaramon.deviantart.com/ and her blog http://samaramon.com/